Gap shutting down Forth & Towne chain

Reuters, February 26, 2007 — Retailer Gap Inc. (NYSE:GPS - news), seeking to focus on problems at its two main apparel chains, said on Monday it would shut down its newest chain, Forth & Towne, a move that will affect about 550 employees. The company expects pretax expenses of $40 million for the closure of the 19 Forth & Towne stores in 10 U.S. markets. The expenses will be recognized over the first and second quarters.